Key Points
- Oklahoma’s Strategic Bitcoin Reserve Bill is moving towards a full vote after getting approval from the State House Committee.
- Despite Bitcoin’s recent value drop, the bill, known as House Bill 1203, proposes investing 10% of the state’s public funds into Bitcoin or other digital assets.
The Oklahoma State House Committee has given a nod to the Strategic Bitcoin Reserve Bill, moving it towards a full vote. This development comes despite the recent decline in the value of Bitcoin, which fell below $90,000.
A state document reveals that the bill, known as House Bill 1203, received a majority vote of 12 to 2 from the committee. The bill will now proceed to the House of Representatives for a full vote.
Details of the Bill
House Bill 1203 proposes that the state treasury should invest 10% of its public funds into Bitcoin or other digital assets with a market value exceeding $500 billion. The news was shared by Dennis Porter, the founder and CEO of Satoshi Act Fund, on his X account.
Porter thanked Rep. Cody Maynard, who filed HB 1203, for his leadership. Despite the progress of Bitcoin reserve bills in U.S. states, the cryptocurrency recently experienced a drop in value, leading to a crypto market collapse. On Feb. 25, Bitcoin’s value fell below $90,000, marking a 6.78% decline and the first time it had fallen below this mark since November 2024.
Current State of Bitcoin
As of the time of reporting, Bitcoin has seen a slight increase of 1.15% but has not been able to reach the $90,000 mark again. The cryptocurrency is currently trading at $89,236.
Oklahoma is the latest U.S. state to advance its Strategic Bitcoin Reserve Bill. According to the Bitcoin Reserve Monitor, at least 25 U.S. states have introduced similar bills. Each state is at different stages of approval, with 18 state legislations still pending, two under consideration, and five proposals rejected.
The Oklahoma House of Representatives first introduced a “strategic BTC Reserve” bill on Jan. 16. However, this is not the only Bitcoin-related act introduced in Oklahoma. State Senator Dusty Deevers previously filed the “Bitcoin Freedom Act” or SB 325 on Jan. 9. This bill would permit Oklahoma workers to receive payment in BTC and firms to accept BTC payments from clients.